BP Claims Administrator Feinberg Says Half Of 20B Could be Enough For Victims

According to Bloomberg, Kenneth Feinberg, the person chosen by President Obama to administer the $20 billion BP compensation fund told Bloomberg Television that half of the $20 million dollars might be sufficient to cover victim’s BP Gulf of Oil Spill.

The fund was created by BP after pressure by President Obama.

“It remains to be seen, but I would hope that half that money would be more than enough to pay all the claims,” Feinberg said.

So far, the Gulf Coast Claims Facility has paid about $2.7 billion to more than 170,000 claimants.

Feinberg also had been under pressure for a payment being made from the fund.

On Thursday, the administrator acknowledged he has agreed to pay New York University professor Stephen Gillers for legal ethics his advice. Gillers is to be paid $950 per hour.

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